In a short-term bearish correction, Bitcoin has taken a dip to lose the $30,000 USD barrier of support after trading strong for months.
While Bitcoin price sends higher on a seemingly weekly basis, the altcoins in the market struggle to hit anywhere near their record highs.
As Bitcoin trades comfortably with new levels of support, bullish analysts suggest that the cryptocurrency will smash new records soon.
According to strategists at JPMorgan Chase, Bitcoin price could see a continued rally if Grayscale sustains its buying influence in the market.
Stephen Harper, former Prime Minister of Canada, has offered that Bitcoin and gold could stand as an alternative to replace US dollar.
As Bitcoin soars, so does institutional interest. 3iQ indicates this bagging a whopping $1 billion USD worth of BTC in its fund.
Bitcoin investments in the institutional firm Grayscale has surged to record-breaking levels, highlighting bullish attention.